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Loren
Loren, Lawyer
Category: Real Estate Law
Satisfied Customers: 34476
Experience:  30 years of real estate practice experience.
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I am attempting to purchase a property for a home in which I

Customer Question

I am attempting to purchase a property for a home in which I am the current tenant. My lease is up October 1 2017. There was a ceiling leak issue that is currently being fixed and will be complete and tested by next Friday. The landlord is asking for me to start a contract now in order to close of the house by October 1st so that he is not stuck paying mortgage in October alone as we complete the process.
JA: Is this a fixed-rate or adjustable-rate mortgage?
Customer: I feel I should be be rushed in this process bc of his obligation to pay the mortgage as an owner and I should have a due diligence period to have a full inspection done of the home prior to me signing a binding contract for the offer of the sale.
JA: Where is the property located?
Customer: Atlanta GA
JA: Anything else you want the lawyer to know before I connect you?
Customer: I should *not be rushed
Submitted: 2 months ago.
Category: Real Estate Law
Expert:  Loren replied 2 months ago.

I am Loren, a licensed attorney for over 30 yrs. Thank you for your patience as I review the question. I will post my response shortly.

Expert:  Loren replied 2 months ago.

These are all negotiable items that do not affect your current tenancy.

You have no obligation to accept the term the landlord is demanding and the landlord has no obligation to accept the purchase terms you demand.

You can demand inspection, due diligence and what ever else you need to feel comfortable. The landlord can ask for a 10/1 closing, but you can say no.

Either way, your lease is enforceable as written.

Please remember to leave a favorable rating (click 5 stars in the rating section on this page). It is the only way that I am credited by JustAnswer for answering your question.

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Customer: replied 2 months ago.
if I am vacated by October 1 but we do not close until Nov, I am not obligated to anything? He is asking we do a short term lease in October to make sure he is covered for the month?
Expert:  Loren replied 2 months ago.

An excellent question.

If your lease ends 10/1, you have vacated the premises and you have done nothing to extend it, or executed a new lease, then you owe no further rent.

Customer: replied 2 months ago.
Also if I decide that I am not comfortable moving forward with the sale after inspection and back out of the deal is there possible any legal action or obligation that can be enforced on me? He would then have to put the house on the market and be forced to pay the mortgage until it sells.
Expert:  Loren replied 2 months ago.

You would need to include that in the inspection provision of the contract,

Expert:  Loren replied 2 months ago.

Did you have further questions? Have I answered your question?

Expert:  Loren replied 2 months ago.

If you have no further questions please remember to rate my service (5 Stars) so that I am credited by JA for answering your question and also so that I may close the question.

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Thank you!